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LearningsRefurbishment

The Problem Of “Perception” When Selling A Property

It’s been two weeks since the new estate agent have been on the case with selling the refurbished property.  The price has been dropped by £5k – to £179,995 allegedly to open the property to a “new audience”. I know that sounds like typical estate agent clap-trap, but they informed me that home buyers search in 10k price brackets.

So I did my own research and I discovered, in fact, that does appear to be true!  Just go on Rightmove or Zoopla and you will see the prices are in 10k bands.  Doh! (Homer Simpson moment!)

So what’s the feedback?

Well the new estate agent has now had 8 viewings.

Hatched have had 4 viewings.

I am not sure how the new estate agent has managed to get double the amount of viewings than Hatched.  Maybe there is a “dark art” to being an estate agent…maybe there is something to be said of the oft-heralded and (I believed before) “mythical” mailing list.  Maybe it is even something to do with the “call outs” they claim to do to customers. I don’t know, but the numbers do not lie.

The good news: 12 viewings in 2 weeks.

The bad news: 12 viewings and 0 offers.

So what’s the problem?

Parking.

lack of parking problem to sell a house

Well, it’s not even that parking is a problem.  But, it’s the *perception* that parking is a problem, which is the problem.  The parking at the property is communal, there are no allocated spaces; its communal parking.  And it is the communal parking which is the killer.

The perception that parking is a problem is an absolute deal breaker…in fact, a deal can’t even be made because of the problem of the perception of the parking problem.  Which is purely perception.

There is NO problem with parking.  It is only a perceived problem.

perception of parking problem

I don’t know what to do.  Every single piece of feedback features the “parking problem”:

“I think the lack of parking is putting me off, we have 2 cars, so I think I need a better property parking wise”

“It has the kind of space we’re looking for and the decor is lovely. I wasn’t keen on the parking

“Love the house, parking is an issue as my husband drives a transit”

And I could go on…

But I won’t.

Truly, I don’t know what to do.  The property does NOT have a problem with parking.  I have never had a problem parking, the estate agents have never had a problem parking, the tradesmen (and at one point there were 4 vans in the car park!) did not have a problem with parking.

BUT

People *perceive* there to be a parking problem.

So I am stuck with a perceived problem, which is actually creating a very real problem.

 

22 comments
  1. Jon Butler

    But the house down the road that wasn’t as nice and cost more and sold within a few minutes…. Didn’t that have the same parking?

    1. Sam

      It turns out the house opposite has a different parking area to the rear of that property and which would allow any buyer to potentially park right at the rear fence of the property. Our house is on an “off shoot” where you have to walk two house widths to arrive at the parking so there will never be the potential to park right outside the back fence…

        1. Sam

          See my problem – I’m getting the viewings and great feedback about the house…but the parking is a major hurdle and one which i cannot overcome

          Sorry to hear about your house, have you identified why it is not selling?

          1. Jon Butler

            Price, I think. We are trying to get what we bought it for 5 years ago and, while it is in a good area, that is probably optimistic, though the agents assured us we would have no shortage of buyers ready to “snap it up”. We have bought a place at auction and renovated it and we now need to get out of the current one to release the credit.

            Hope you get some action on yours soon. This is the one you did in the summer in 17 days, I think. Should be a good bet for a sale. Its just a shame that after you hustled so efficiently to get it ready, the market has not come through for you!

        2. Sam

          Yes I can understand the predicament when bought some time ago. Any chance you could remortgage on a BTL deal to release any equity?

          How did your auction purchase go? You know I am an addict – would love to hear more?!

          1. Rich G

            Hi Sam, what about dropping the kerb to have parking on the front garden?

            One of my fave EAs says there is a case for advertising in increments of £10K, so in this case £180K to catch people looking in both bands on RM.

            Rich

        3. Sam

          Jon – that’s a great start to the story – but where is the rest??? You bought it 22k under budget in Sept 2011 (at BJB I note) but c’mon don’t leave me in suspense…what then???

  2. Eleanor White

    I have a similar problem with a property I own, which, to be honest, does have a parking issue (1 allocated space and another in the garage). Could you try to turn the communal parking to a positive? Advertising that with the communal parking you have plentiful guest spaces? It’s all very well having 2 allocated parking spaces, but what happens when guests come?

    Jon, if you do decide to rent, why not give us a go, The Online Letting Agents? Cheeky plug, sorry! ; )

    1. Sam

      Eleanor thanks – the EA (and myself when I do viewings) are trying everything! What doesn’t appear to help is the walk 2 house widths to the car park. Seriously, I had not realised what a major issue this would be for families (not having kids myself). The things you learn! (wish i’d identified this issue before I bought the house!!!)

  3. Colin Larcombe

    1) Get a potential buyer to rent it for 6 months then they can really see how the parking is.
    2) Remortgage on interest only, let it and move on.

    1. Sam

      Thanks Colin – am actually thinking about the rental option now, however I am encouraged by the number of viewings which have happened so I feel maybe I will have on a bit longer…although it is hard knowing I am losing the potential of around £900-950 rental per month!

      1. Colin Larcombe

        This has happened on two of my properties which I have failed to sell for various reasons. The refurbs in both took longer than expected then the potential buyers ummmed and arrred.
        They are now both rented and am investigating whether the tenants want to do an installment purchase. If not I will remortgage and move onto the next project.

        1. Sam

          Yes Colin, you are right. I have given myself a March deadline – so if no sale it will have to be rented. Move on and Move up – we can’t win them all!

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